BWC Member Heiwai Tang examines how countries are responding to renewed U.S. economic nationalism under Donald Trump and the 2025 Liberation Day tariffs. Updated trade data shows some economies—such as Mexico and Taiwan—deepening U.S. ties, while others—including Canada, Japan, and China—diversifying toward Europe and ASEAN. Overall, global trade is rebalancing rather than breaking apart. 

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All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.